Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-15-Speech-4-090-000"
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"en.20111215.5.4-090-000"2
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"Madam President, ladies and gentlemen, today it is clearly the banks that pose the greatest threat to the operation of the internal market and, I would argue, to the future of the European economy.
Indeed, some banks have become too large and too important, thereby gaining intolerable market power. They are able to squeeze out smaller competitors and to absorb the activities hitherto carried out by others. I have in mind the activities of stock exchanges, in which they want to assert themselves as marketplaces in place of the established exchanges.
Not content with abusing their market power, the largest of these banks seek to gain political power, the most shocking example of which is, in my opinion, the welcome accorded to the head of Deutsche Bank at the Summit of Heads of State or Government held on 21 July, with all the regard to due to Heads of State.
How is this possible? Because, on the one hand, these large banks enjoy the implicit guarantee of the taxpayer – as Ms in ’t Veld has pointed out – but also, on the other hand, because the European Central Bank (ECB) grants them a guarantee of lender of last resort; in other words it guarantees them unlimited liquidity.
It is striking to note that this same bank, the ECB, which finds it intolerable to give a guarantee of lender of last resort to the Member States, has absolutely no problem giving this very same guarantee to private institutions. This is simply the result of an ideological choice, which consists in saying that, by their very nature, governments and states are not trustworthy, whereas banks – large or small – are. This ideological mould clearly has to be broken.
too big to fail
the systemic banks should, quite simply, not exist.
Too big to fail is too dangerous to exist!
Mr Almunia, aside from the competition policy you are pursuing – successfully, I think – the texts we will adopt in 2012 – the Capital Requirements Directive (CRD IV), the directive on the resolution of banking crises – should, in my view, be an opportunity for us to reduce the market power of these banking institutions. This is where we will see if we can find, in this House, a majority to reduce the banking industry to a size, and to introduce practices, more compatible with the general interest."@en1
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